The global next-generation sequencing market is projected to reach USD 16.35 billion by 2024 from USD 5.70 billion in 2018, at a CAGR of 19.2% during the forecast period.

Factors such as advancements in NGS platforms, declining NGS capital cost coupled with the decreasing cost of sequencing, and improving regulatory & reimbursement scenario for NGS-based diagnostic tests are expected to drive the growth of the next-generation sequencing market.

The NGS consumables segment is expected to account for the largest share of the next-generation sequencing market in 2018. Advancements in sequencing technologies, growing number of sequencing procedures, and launch of easy-to-use consumables are the key factors driving the growth of the consumables segment.

Based on end user, the next-generation sequencing market is segmented into academic institutes & research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. Among these, the academic institutes & research centers segment is expected to account for the largest share of the next-generation sequencing market in 2018, owing to the increasing number of collaborations between NGS market players and academic & research institutions, favorable funding scenario for genomic research across regions, and the development of cost-efficient NGS products and services for researchers.

North America is expected to account for the largest share of the global next-generation sequencing market in 2018, followed by Europe. The large share of North America is mainly attributed to the increasing application of NGS in diagnostics and genomics research, availability of research funding, and development of NGS data analysis solutions.

As of 2017, Illumina (US) dominated the global next-generation sequencing market through its broad product portfolio, strong geographical presence, and wide customer base across the globe. To maintain its leadership position in the market, the company has been focusing on technological advancements in the field of sequencing. Thermo Fisher Scientific (US) held the second position in the global next-generation sequencing market.